Finance Minister Swarnim Wagle has said that the prices of fuels such as diesel and petrol, which had risen due to the conflict in the Middle East, are now set to decrease.
Responding to questions raised by lawmakers on the Finance Bill, 2026, during Sunday's meeting of the House of Representatives, Finance Minister Wagle said that as the situation in the Middle East has eased, the prices of these commodities are also expected to fall.
Finance Minister Wagle maintained that although fuel prices have dropped in the international market, the prices in Nepal cannot be reduced immediately because the fuel currently being imported through the Indian Oil Corporation (IOC) reflects previous rates.
He emphasized that although it may take some time, the prices of petroleum products are now on a downward trajectory.
"The problem that emerged in the Middle East led to a rise in fuel prices. To reduce the burden on general consumers caused by this increase, within two weeks of becoming finance minister, we provided a 50 percent exemption on customs duties imposed on the import of diesel, petrol, and kerosene, as well as on the infrastructure development tax levied on diesel and petrol," he said.
"The situation in the Middle East is now gradually easing. There will, of course, be a time lag. Crude oil prices have already declined. However, it may take some time for those adjustments to reflect in the processed fuel that we import through the Indian Oil Corporation. However, the prices are now set to decrease," he added.
Finance Minister Wagle also claimed that he had initiated measures to reduce fuel prices immediately after assuming office.
- News Agency Nepal
